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China puts out 13.5 billion euros in the internet sector for innovation

China puts out 13.5 billion euros in the internet sector for innovation

Photo: 123RF

China has an investment fund set up with 100 billion Chinese yuan (about 13.5 billion euros) for innovation in the internetsetor.

The investment hopes to China that the country is a major player in the field of internet technology. The fund is co-financed by the Cyberspace Administration, and the ministry of Finance, reports Xinhua news agency Sunday.

The Chinese bank ICBC, techonderneming CITIC, insurance, China Post and three major Chinese telecom markets have the first 30 billion yuan contributed.

Three investment banks have 150 billion yuan pledged as loan for tech. Chinese internet companies can make a claim on the money, as long as they stick in technological innovation.

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